Bitcoin And Ethereum Set To Receive A Bullish Boost As Brazil’s Largest Broker Initiates Trading
In recent times, cryptocurrencies have been in the eye of the storm as crypto giants like Celsius, Voyager Digital, and Three Arrows Capital have imploded. Since its all-time high, Bitcoin has lost over 60 percent of its value. However, shockwaves have not impacted the crypto-centric emphasis of certain key players.
The largest broker in Brazil, XP, has introduced its new crypto trading platform, XTAGE, in collaboration with the largest stock exchange in the United States, Nasdaq. This is a crucial strategic move as Brazil continues to transform into a cryptocurrency hub.
Nasdaq announced on Monday that XP’s XTAGE platform would enable users to purchase, sell, and retain bitcoin and ethereum. This action could draw 3.6 million XP users to the cryptocurrency markets.
In May, XP initially introduced XTAGE, and in July, staff began piloting the crypto platform before its complete integration into the brokerage. This enables XP users to trade cryptocurrencies using the same app they already employ. Built upon Nasdaq’s trading platform, XTAGE also incorporated the MetaTrader 5 currency and stock trading tool.
The startup presently supports trading in BTC and ETH, with ambitions to add ten additional cryptocurrencies by the end of the year; however, it did not specify which assets would be added. According to Lucas Rabechini, director of financial products at XP, the brokerage hopes to have at least 200,000 active crypto users by the end of the year.
Brazil Desires To Win The Crypto Race
Other local financial institutions offer bitcoin investment services in addition to XP. It is likely to face competition in Brazil from prominent fintech companies. Nubank, Mercado Libre, PicPay, and BTG Pactual have announced plans to offer cryptocurrency-related services to customers.
Brazil is undoubtedly one of the most advanced nations regarding the availability of crypto asset-focused financial products. The country’s stock exchange lists four cryptocurrency exchange-traded funds (ETF).
Brazil, the largest economy in Latin America, attempted to give bitcoin legal status as a payment currency in the country last October, and legislative debates are still ongoing.
